Question

A mechanic borrows $7500 to expand his garage. The interest rate is 14% compounded quarterly with payments due every quarter. What are the quarterly payments if the loan is to be paid off in 5 years? (Round your final answer to two decimal places.)

Answer #1

A druggist borrows $3500 from a bank to stock her drugstore. The
interest rate is 6% compounded semiannually with payments due every
6 months. She wants to repay the loan in 30 months. How much are
the semiannual payments? (Round your final answer to two decimal
places.

A recent college graduate borrows $100,000 at an interest rate
of 7% to purchase a condominium. Anticipating steady salary
increases, the buyer expects to make payments at a monthly rate of
700(1+t120), where t is the number of months since the
loan was made.
(a) Assuming that this payment schedule can be maintained, when
will the loan be fully paid?
The loan will be paid off in
years. (Round your answer to two decimal places.)
(b) Assuming the same payment...

The interest rate on a $16,000 loan is 10.4% compounded
semiannually. Semiannual payments will pay off the loan in seven
years. (Do not round intermediate calculations. Round the PMT and
final answers to 2 decimal places.) a. Calculate the interest
component of Payment 10. Interest $ b. Calculate the principal
component of Payment 3. Principal $ c. Calculate the interest paid
in Year 6. Interest paid $ d. How much do Payments 3 to 6 inclusive
reduce the principal balance?...

What is the nominal annual rate of interest compounded quarterly
if a loan of $ 25,000 is repaid in seven years by payments of
$2000 made at the end of every six months?

Stan borrows $20,000 at a quarterly effective interest rate of
2.1%. Stan repays the loan by making a payment of X six months from
now and a payment of 2X one year from now. Three months after
Stan's first payment, Stan decides to pay off his loan early. What
is the amount of Stan's final payment?

A person borrows $550.00 with interest at 12.5% compounded
quarterly for 4 years 7 months. If simple interest is used for part
of an interest conversion period, how much is required to pay off
the debt at the end of 4 years 7 months? $

An
artist borrows $380,000 for her art project. At 15% APR compounded
quarterly over 5 years, with payments of $20,000 made at the end of
each quarter. How much will she still be owing after 1 year?

Please show work
A person borrows $11,000 from the bank at a yearly interest rate
of 10% which is compounded monthly. The loan will be paid off in 2
years
1. What are the monthly payments?
2. If he decides to pay off the entire loan balance at the end
of 17th month, what would be the total amount at that time?

What semiannually compounded rate and effective rate of interest
are being charged on a $12,000 loan if semiannual payments of
$1204.55 will repay the loan in seven years? (Do not round
intermediate calculations and round your final answer to 2 decimal
places.)
j = % compounded semiannually
f = % effective rate

a) A person borrows $6650.00 with interest at 15.5% compounded
quarterly for 4 years 7 months. If simple interest is used for part
of an interest conversion period, how much is required to pay off
the debt at the end of 4 years 7 months?
b)A person invests $7500.00 at 6.75% compounded semiannually on
October 1, 2018. If simple interest is allowed for part of an
interest conversion period, how much is the investment worth June
1, 2022?
c) On...

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